Midsummer awarded US$44m to support Italy thin film factory plans

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Midsummer’s factor will product thin film solar roofs that will be supplied to the southern European market. Image: Midsummer

Swedish thin film solar cell manufacturer Midsummer will receive roughly €38 million (US$44 million) worth of financial incentives to build a 50MW factory in Bari, Italy.

Confirmed by Italian authorities last week (30 October), the incentives come in the form of grants and soft loans, which make up 35% and 23% of the total project investment of €66 million (US$76.5 million), respectively. The ‘soft loans’ are provided by the investment arm of the Italian state, Invitalia.

Midsummer had already purchased the plant in Bari in southern Italy and can now begin filling it with equipment and recruiting staff.

It is expected to begin production of its thin film solar roofs in the summer of next year and represents the first Swedish project to be included in Italy’s €190 billion (US$220 billion), EU-backed recovery plan.

“We are very happy to receive these very advantageous grants,” said Sven Lindström, CEO of Midsummer. “We will tenfold our maximum production capacity and the finished factory will make Midsummer the largest producer of thinfilm solar cells in Europe.”

The factory will be wholly owned by subsidiary Midsummer Italia and will produce the company’s thin film solar roof product – primarily for the southern European market – that has experienced surging demand in the Nordic countries of over 500% in Q3 this year, the company said.

European solar manufacturing has been a subject of much discussion of late, particularly against a backdrop of supply chain and logistics issues disrupting the global supply of PV products. Financing has been cited as a key barrier to a ramp up of domestic solar manufacturing in Europe with upstream facilities often regarded by financiers as riskier investments than downstream projects.

PV Tech Premium explored the drivers behind a return of solar manufacturing to Europe here.

Read Next

November 23, 2021
Italian oil major Eni is planning an initial public offering (IPO) of its renewables, retail and mobility units that will scale up solar capacity as part of a clean energy push.
November 22, 2021
With operational solar assets in certain markets advancing in years, the question about when and under what circumstances to repower them is becoming increasingly common. Alice Grundy looks at the key drivers behind repowering PV.
November 22, 2021
SolarPower Europe has called on the EU to increase its renewable energy target to 45% by 2030, which it said would result in an extra 210GW of solar capacity installed and put the continent on a strong trajectory to reach climate neutrality by 2050
November 18, 2021
Solar investor and asset manager NextEnergy Capital Group (NEC) is said to be looking to sell a portfolio of solar projects in Italy for more than €400 million (US$453 million), according to Reuters.
November 18, 2021
Investment company AtlasInvest has backed a new renewables development platform that is aiming to deliver 2.7GW of projects across Europe by the end of next year.
November 11, 2021
US residential solar company Sunnova Energy and home security firm Brinks Home have entered into an exclusive partnership that will allow Brinks Home dealers to offer its customers Sunnova’s portfolio of products, and vice versa, in the second such arrangement this week

Subscribe to Newsletter

Upcoming Events

Solar Media Events
December 1, 2021
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal

Cyber Monday Flash Sale – 50% off our subscriptions

24 hours only